Facebook shares hit a fresh all-time high on Monday, company to acquire 56 000 square meters of office space in London

July 24, 2018 11:29 am

Approximately 600 000 square feet (or 56 000 square meters) of office space located in two buildings in King’s Cross in London has been acquired by Facebook Inc (FB), the company announced on Monday. This could make room for over 6 000 workstations, but however, the social media company did not provide details on how many job positions it intended to create in Britain’s Capital city.

Facebook shares closed higher for a second consecutive trading session on NASDAQ on Monday. The stock went up 0.46% ($0.97) to $210.91, after touching an intraday high at $211.62 and also a fresh all-time high.

Shares of Facebook Inc have risen 19.52% so far in 2018 compared with a 4.99% gain for the underlying index, S&P 500 (SPX).

In 2017, Facebook’s stock surged 53.38%, thus, it again outperformed the S&P 500, which registered a 19.42% return.

The announcement reflects Facebook’s commitment to the United Kingdom at a moment of uncertainty surrounding its exit from the European Union in 2019.

According to Steve Hatch, Facebook’s managing director for Northern Europe, a number of the company’s key products have been developed namely in London. These include Facebook’s Workplace collaboration as well as various applications for the Oculus virtual reality headsets.

The company has said it expects to expand its workforce in London by 2 300 people by the end of this year, after creating as many as 800 jobs there in 2017.

According to CNN Money, the 45 analysts, offering 12-month forecasts regarding Facebook Inc’s stock price, have a median target of $226.00, with a high estimate of $275.00 and a low estimate of $138.00. The median estimate represents a 7.15% upside compared to the closing price of $210.91 on July 23rd.

The same media also reported that 41 out of 48 surveyed investment analysts had rated Facebook Inc’s stock as “Buy”, while 3 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Facebook stock are presented as follows:

R1 – $211.17
R2 – $211.43
R3 (Range Resistance – Sell) – $211.69
R4 (Long Breakout) – $212.46
R5 (Breakout Target 1) – $213.37
R6 (Breakout Target 2) – $213.76

S1 – $210.65
S2 – $210.39
S3 (Range Support – Buy) – $210.13
S4 (Short Breakout) – $209.36
S5 (Breakout Target 1) – $208.45
S6 (Breakout Target 2) – $208.06

By using the traditional method of calculation, the weekly levels of importance for Facebook Inc (FB) are presented as follows:

Central Pivot Point – $208.76
R1 – $212.68
R2 – $215.42
R3 – $219.34
R4 – $223.26

S1 – $206.02
S2 – $202.10
S3 – $199.36
S4 – $196.62

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